Price valuations are soaring in the face of a slowdown in the growth rate of corporate earnings — not to mention weak jobs growth, lagging business and consumer spending, and weird election-year politics, cautions Stephen Quickel, editor of US Investment Report.

Though hailed by the media, those new market highs on weak volume were nowhere near being a confirmed rally. We are eager to put it back to work as soon as a truly confirmed rally begins.

That could happen next week, or next month, or perhaps after the November elections. Who knows? While we wait for that inevitable eventuality, we’re presenting you with several prime growth stocks to consider for your “breakout” shopping list.

The stocks below are a mixture of large, medium and small caps spread across diverse industry sectors. They range from software, chip suppliers and electronics providers in the technology sectors to video game, aerospace, industrial, construction and home appliance stocks.

Among them are several past winners from our portfolio that need little introduction — Boeing (BA), Cognex (CGNX), LKQ Corp. (LKQ), MA-Com Technology (MTSI), Silicon Motion (SIMO), and Whirlpool (WHR).

They performed well in the past year or two, and now appear ready to rise again. The average five-year estimated earnings growth averages a very rapid 21.8% a year, with an average earnings gain of 42% expected during the next 12 months.

And while their average forward P/E is 20.3 times year-ahead estimated earnings, their collective PEG ratio of 0.91 is comfortably below the 1.00 considered “ideal” by PEG advocates. They also sport a large proportion of Strong Buy and Buy recommendations by Wall Street analysts.

Two of these new recommendations are less well-known. The first, Activision Blizzard (ATVI), creates and sells entertainment for gaming consoles and mobile platforms, and offers a popular lineup of iconic gaming products. Annual sales are approaching $7 billion.

The second newcomer, Paycom Software (PAYC), makes cloud-based human resources software. The stock has been on a tear recently, fueled by very strong second quarter earnings and upbeat guidance.

A small cap stock with revenues nearing $400 million, PAYC is expected to grow earnings by 37% a year for the coming five years. The stock has nearly doubled since January, and its P/E and PEG are elevated. Venturesome investors might buy PAYC on dips.

Subscribe to US Investment Report here…

By Stephen Quickel, Editor of US Investment Report